UPYY - UPAY Inc. Strengthens Portfolio with AML GO (Pty) Ltd Acquisition | Benzinga
DALLAS, June 20, 2024 (GLOBE NEWSWIRE) -- UPAY Inc. ("UPAY" or the "Company") (OTCQB:UPYY), a leading fintech corporation, has acquired a controlling stake in AML GO (Pty) Ltd ("AML GO"), a prominent Anti-Money Laundering company based in South Africa. Following negotiations, UPAY signed a Shareholders Agreement with other stakeholders in AML GO, securing a 51% ownership in the company. This strategic move aligns with the amendments to the Financial Intelligence Centre Act (FICA), effective December 19, 2022, which expand its regulatory framework.
The amended FICA regulations now include additional sectors such as Company Service Providers, Crypto Asset Service Providers, Payment clearing service operators, and Credit providers as accountable institutions. This expansion necessitates compliance from clients of UPAY's South African subsidiary, Rent Pay (Pty) Ltd, under the new regulatory framework.
Jaco Fölscher, CEO of UPAY, emphasized the urgency of addressing compliance challenges: "With the inclusion of Credit providers as accountable institutions, there is an immediate need to ensure our clients in South Africa comply with the updated ...